PayMaya leads MSMEs’ digital and cashless shift under the new normal, propelled by business-in-a-box solutions, more Filipino business owners and casual sellers have embraced digital payments as a key component in this time.
The utilization of PayMaya’s various digital payment acceptance solutions have grown exponentially by 2000% year-on-year in November 2020. showing a great change in how the merchants are doing business to cope with the economic effects of the pandemic.
According to Shailesh Baidwan, PayMaya President, “With consumers now more conscious about health and safety, cashless has fast become the default preference of Filipino consumers. With this shift, PayMaya has readily enabled our MSMEs to pivot and thrive by providing digital payment capabilities as well as additional income opportunities through our various payment solutions,”.
PayMaya Negosyo App was launched in May 2020 to respond to the growing demand of cashless transactions during the height of the quarantine. The app provided MSME’s to have their own merchant QR which can accept cashless payments via QR, bank transfers, and through e-wallets using only their smart phones.
The PayMaya Negosyo App also allow the MSMEs to generate additional income by selling mobile phone prepaid load or accepting bills payment for service provider partners. Remittance transactions are also being looked into for qualified businesses through the app.
This development, the MSMEs segment now comprises 95% of PayMaya’s total merchant base in 2020, compared to 78% in 2019.
Helping MSMEs bounce forward
PayMaya has also rolled out innovative programs in close cooperation with DTI and private sector partners such as Go Negosyo.
“Sulong Negosyo” Program was launched by PayMaya on October which provides MSMEs with ready-business-in-a-box tools such as PayMaya Negosyo App, with marketing and rewards opportunities through PayMaya Negosyante Rewards. It aims to help MSMEs accelerate their transition to e-commerce with the help of digital and cashless technologies.
PayMaya has been working with local government units and LGUs Accelerating and Embracing Digitalization program to create digital cashless ecosystems in their respective localities.
The company also supported the private sector-initiated “Ingat-Angat Tayong Lahat” campaign that promotes the dual goal of public health and safety economic recovery.